Chase credit card losses down in July

JPMorgan Chase & Co. said Monday that the rate of losses on its credit card loans eased up in July.

Shares of the New York-based bank fell $1.20, or 2.8 percent, to $41.25 in afternoon trading amid sweeping declines in the broader market.

According to filings with the Securities and Exchange Commission, the rate of chargeoffs on Chase credit card loans improved to 7.92 percent in July from 8.04 percent in June. It was the second month in a row that defaults declined.

Credit card loans are charged off after consumers are delinquent on numerous payments and the company determines those loans won’t be repaid.

The percentage of loans at least 30 days delinquent to total loans stood at 4.16 percent in July, down from 4.46 percent in June.

Other lenders, including American Express Co. and Discover Financial Services, also said Monday that losses in their credit card portfolios slowed last month, a sign that defaults may be stabilizing after months of increases as consumer struggled to pay off their debts amid the recession.

One comment

i had been a chase credit card holder for years,paid off several accounts, paid a recent account and made a major purchase with understanding that my payment would be a certian amount. the fist payment was as planned,but the second payment had a $103.00 interest rate slapped on it ,making my payment to much.upon contacting chase about this charge i was informed it was due to a major puchase,even though i was quoted a certian price on the amount i was using.needless to say it has went down hill from there. called chase and was supposed to have been sit up on a lower interest rate that would have keep payment where it was supposed to have been in the beginning,,but doing this has caused me to loose my credit card ,due to chase jacking up my payment for no other reason then they could and they did. being a good customer didn’t amount to a hill of beans. little dirty if you ask me. this still isn’t settled yet,being told one thing and then upon doing this i am told something else. i guess we will see what happens with the last conversation i had with them